6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2022

Commission File Number: 001-38696

NIU TECHNOLOGIES

No.1 Building, No. 195 Huilongguan East Road,

Changping District, Beijing 102208

People’s Republic of China

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F       x Form 40-F       ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):     ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):     ¨

Exhibit Index

Exhibit 99.1—Press Release

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

NIU TECHNOLOGIES
By	:	/s/ Fion Zhou
Name	:	Fion Zhou
Title	:	Chief Financial Officer

Date: May 24, 2022

Exhibit99.1

NiuTechnologies Announces First Quarter 2022 Financial Results

--First Quarter Total Volume of e-scooter sales up 9.4% year over year

--First Quarter Revenues of RMB 575.5 million, up 5.1% year over year

--First Quarter Net Loss of RMB 29.6 million, compared with net loss of RMB 5.4 million in the same period of last year

BEIJING, China, May 23, 2022 – Niu Technologies (“NIU”, or “the Company”) (NASDAQ: NIU), the world’s leading provider of smart urban mobility solutions, today announced its financial results for the first quarter ended March 31, 2022.

FirstQuarter 2022 Financial Highlights

·	Revenues were RMB 575.5 million, an increase of 5.1% year over year
·	Gross margin was 19.1%, compared with 23.8% in the first quarter of last year
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·	Net loss was RMB 29.6 million, compared with net loss of RMB 5.4 million in the first quarter<br> of last year
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·	Adjusted net loss (non-GAAP)^1^ was RMB 16.3 million, compared with adjusted net income<br> of RMB 6.7 million in the first quarter of last year
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FirstQuarter 2022 Operating Highlights

·	The<br> number of e-scooters sold reached 163,659, up 9.4% year over year
·	The<br> number of e-scooters sold in China reached 148,987, up 3.0% year over year
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·	The<br> number of e-scooters sold in the international markets was 14,672, up 193.7% year over year
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·	The<br> number of franchised stores in China was 3,248 as of March 31, 2022, an increase of 140 from<br> December 31, 2021
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·	International<br> sales network expanded to 43 distributors covering 51 countries
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Dr. Yan Li, Chief Executive Officer of the Company, commented: “Despite experiencing a challenging quarter with the supply chain shortage, logistic disruption, and volatile retail environment caused by the recent COVID outbreaks, we managed to achieve moderate growths of sales volume and revenues compared to the same period last year. While uncertainties in the China market continue in Q2 due to the COVID outbreaks, we are confident that our growth strategy to develop diversified product portfolio, including our new product offerings in micro-mobility segment, and our global market expansion plan, will help us weather through the temporary China market shortfalls, and well position the company to capture the post-pandemic rebounds in electric two-wheeler demand.”

Dr. Li continued, “The ongoing increase in raw materials prices, especially lithium-ion battery prices in Q1, has created extra pressure on our gross margin. As the premium brand in the electric two-wheeler market, we will continue to develop innovative products with unique value propositions to our users, and regain the gross margin gradually.”

^1^ Adjusted net income/loss (non-GAAP) is defined as net income/loss excluding share-based compensation expense

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FirstQuarter 2022 Financial Results

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Revenueswere RMB 575.5 million, an increase of 5.1% year over year, due to 9.4% increase in sales volume, partially offset by decreased revenues per e-scooter of 3.9%. The following table shows the revenues breakdown and revenues per e-scooter in the periods presented:

Revenues<br> <br>(in RMB million)	2022 Q1		2021 Q1		% change<br> <br><br> YoY
E-scooter sales from China market		457.7		406.3		+12.6	%
E-scooter sales from international markets		65.7		38.9		+68.9	%
E-scooter sales, sub-total		523.4		445.2		+17.5	%
Accessories, spare parts and services		52.1		102.1		-48.9	%
Total		575.5		547.3		+5.1	%
Revenues per e-scooter<br> <br>(in RMB)	2022 Q1		2021 Q1		% change YoY
---	---	---	---	---	---	---	---
E-scooter<br> sales from China market^2^		3,072		2,809		+9.4	%
E-scooter<br> sales from international markets^2^		4,476		7,786		-42.5	%
E-scooter sales		3,198		2,975		+7.5	%
Accessories,<br> spare parts and services^3^		318		682		-53.4	%
Revenues per e-scooter		3,516		3,657		-3.9	%
§	E-scooter<br> sales revenues from China market were RMB 457.7 million, an increase of 12.6%, and represented<br> 87.5% of total e-scooter revenues. The increase was mainly driven by the unit price increases<br> by 9.4%, and the sales volume increases by 3% in China.
---	---
§	E-scooter<br> sales revenues from international markets were RMB 65.7 million, an increase of 68.9%, and<br> represented 12.5% of total e-scooter revenues. The increase was mainly driven by the increase<br> in sales of kick-scooter.
---	---
§	Accessories,<br> spare parts sales and services revenues were RMB 52.1 million, a decrease of 48.9% and represented<br> 9.1% of total revenues. The decrease was mainly due to the overseas battery pack sales reduction.
---	---
§	The<br> decrease of revenues per e-scooter was mainly due to the sales of kick-scooter which has<br> a lower average sales price compared with that of other e-scooters.
---	---

Costof revenues was RMB 465.8 million, an increase of 11.7% year over year, mainly due to higher e-scooter sales volume. The cost per e-scooter, defined as cost of revenues divided by the number of e-scooters sold in a specified period, was RMB 2,846, up 2.1% from RMB 2,787 in the first quarter 2021 due to higher raw material costs and product mix change.

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^2^ Revenues per e-scooter on e-scooter sales from China or international markets is defined as e-scooter sales revenues from China or international markets divided by the number of e-scooters sold in China or international market in a specific period

^3^ Revenues per e-scooter on accessories, spare parts and services is defined as accessories, spare parts and services revenues divided by the total number of e-scooters sold in a specific period

Grossmargin was 19.1%, compared with 23.8% in the same period of 2021. The decrease of gross margin was due to consistent cost pressure and the decrease in sales of accessories, spare parts and services, which generally have higher gross margin.

Operatingexpenses were RMB 143.0 million, an increase of 9.6% from the same period of 2021. Operating expenses as a percentage of revenues was 24.8%, compared with 23.8% in the first quarter of 2021.

§	Selling and marketing expenses were RMB 70.0 million (including RMB 3.9 million of share-based<br> compensation), a decrease of 4.7% from RMB 73.5 million in the first quarter of 2021. The<br> decrease was mainly due to the decrease in advertising and promotion expense of RMB 26.1<br> million, partially offset by the increase in depreciation and amortization expense of RMB<br> 13.8 million as a result of opening of new franchised stores, and the increase in staff cost<br> of RMB 5.3 million, and the increase in share-based compensation expenses of RMB 0.9 million.<br> Selling and marketing expenses as a percentage of revenues was 12.2% compared with 13.4%<br> in the first quarter of 2021.
§	Research and development expenses were RMB 41.8 million (including RMB 4.9 million of share-based<br> compensation), an increase of 63.4% from RMB 25.6 million in the first quarter of 2021, mainly<br> due to the increase in design and testing expense of RMB 6.6 million, the increase in staff<br> cost of RMB 6.3 million, the system development fees of RMB 2.0 million and the increase<br> in share-based compensation expenses of RMB 0.9 million. Research and development expenses<br> as a percentage of revenues was 7.3%, compared with 4.7% in the first quarter of 2021.
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§	General and administrative expenses were RMB 31.1 million (including RMB 4.1 million of share-based<br> compensation), a decrease of 0.8% from RMB 31.3 million in the first quarter of 2021, mainly<br> due to the decrease in foreign currency exchange loss of RMB 4.7 million and share-based<br> compensation expenses of RMB 0.7 million, partially offset by the increase in staff cost<br> of RMB 4.6 million. General and administrative expenses as a percentage of revenues was 5.4%,<br> compared with 5.7% in the first quarter of 2021.
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Operatingexpenses excluding share-based compensation were RMB 130.0 million, increased by 9.6% year over year, and represented 22.6% of revenues, compared with 21.7% in the first quarter of 2021.

§	Selling and marketing expenses excluding share-based compensation were RMB 66.1 million, a decrease<br> of 6.2% year over year, and represented 11.5% of revenues, compared with 12.9% in the first<br> quarter of 2021.
§	Research and development expenses excluding share-based compensation were RMB 36.9 million, an<br> increase of 70.9% year over year, and represented 6.4% of revenues, compared with 3.9% in<br> the first quarter of 2021.
---	---
§	General and administrative expenses excluding share-based compensation were RMB 26.9 million,<br> an increase of 1.7% year over year, and represented 4.7% of revenues, compared with 4.8%<br> in the first quarter of 2021.
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Governmentgrants were RMB 0.3 million, decreased by RMB 0.1 million from the same period of 2021.

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Share-basedcompensation was RMB 13.2 million, compared with RMB 12.1 million in the same period of 2021.

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Incometax expense was RMB 1.3 million, a decrease of RMB 7.9 million from the same period of 2021.

Net loss was RMB 29.6 million, compared with net loss of RMB 5.4 million in the first quarter of 2021. The net loss margin was 5.1%, compared with net loss margin of 1.0% in the same period of 2021.

Adjusted net loss (non-GAAP) was RMB 16.3 million, compared with adjusted net income of RMB 6.7 million in the first quarter of 2021. The adjusted net loss margin^4^was 2.8%, compared with the adjusted net income margin of 1.2% in the same period of 2021.

Basic and diluted net loss per ADS were both RMB 0.38 (US$ 0.06).

Balance Sheet

As of March 31, 2022, the Company had cash, term deposits and short-terminvestments of RMB 889.6 million in aggregate. The Company had restricted cash of RMB 222.5 million and short-term bank borrowings of RMB 180.0 million.

Business Outlook

In light of the current market conditions, including the on-going COVID resurgence in China, NIU expects its revenues for the second quarter of 2022 to be in the range of RMB803 million (representing a year-over-year decrease of 15%) to RMB945 million (representing no year-over-year change). This outlook is based on information available as of the date of this press release and reflects the Company’s current and preliminary expectation, which is subject to change due to uncertainties relating to a various factors, such as the pace of COVID-19 pandemic recovery, among others.

^4^ Adjusted net income/loss margin is defined as adjusted net income/loss (non-GAAP) as a percentage of the revenues ****

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Conference Call

The Company will host an earnings conference call on Monday, May 23, 2022 at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time) to discuss its first quarter 2022 financial and business results and provide a corporate update.

To join via phone, participants need to register in advance of the conference call using the link provided below. Upon registration, participants will receive dial-in numbers, an event passcode, and a unique registrant ID, which will be used to join the conference call.

Event:	Niu Technologies First Quarter 2022 Earnings Conference Call
Registration Link:	http://apac.directeventreg.com/registration/event/4909308
Conference ID:	4909308

A live and archived webcast of the conference call will be available on the investor relations website at https://ir.niu.com/news-and-events/webcasts-and-presentations.

A replay of the conference call can be accessed by phone two hours later at the following numbers until May 31, 2022.

United States	+1-855-452-5696
International	+61-281-990-299
Hong Kong	800-963-117
Mainland China	400-820-9703
Conference ID	4909308

About NIU

As the world’s leading provider of smart urban mobility solutions, NIU designs, manufactures and sells high-performance electric motorcycles, mopeds, bicycles and kick-scooters. NIU has a diversified product portfolio that caters to the various demands of our users and addresses different urban travel scenarios. NIU’s product portfolio comprises its (i) four electric scooter and motorcycle series, NQi, MQi, UQi and Gova, (ii) one kick-scooter series, KQi, (iii) one high performance motorcycle series, RQi, (iv) one hybrid motorcycle series, YQi and (v) one e-bike series, BQi. NIU has adopted an omnichannel retail model, integrating the offline and online channels, to offer the products and services. For more information, please visit www.niu.com.

Use of Non-GAAP Financial Measures

To supplement NIU’s consolidated financial results presented in accordance with the accounting principles generally accepted in the United States of America (“GAAP”), NIU uses the following non-GAAP financial measures: adjusted net income and adjusted net income margin. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. NIU believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding certain items that may not be indicative of its operating results. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to NIU’s historical performance. The Company believes these non-GAAP financial measures are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making. A limitation of using these non-GAAP financial measures is that these non-GAAP measures exclude certain items that have been and will continue to be for the foreseeable future a significant component in the Company’s results of operations. These non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data.

Adjusted net income is defined as net income excluding share-based compensation expenses. Adjusted net income margin is defined as adjusted net income as a percentage of the revenues.

For more information on non-GAAP financial measures, please see the tables captioned “Reconciliation of GAAP and Non-GAAP Results”.

Exchange Rate

This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the readers. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB 6.3393 to US$ 1.00, the exchange rate in effect as of March 31, 2022, as set forth in the H.10 Statistical release of the Board of Governors of the Federal Reserve System. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

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This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as NIU’s strategic and operational plans, contain forward-looking statements. NIU may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to First parties. Statements that are not historical facts, including statements about NIU’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NIU’s strategies; NIU’s future business development, financial condition and results of operations; NIU’s ability to maintain and enhance its “NIU” brand; its ability to innovate and successfully launch new products and services; its ability to maintain and expand its offline distribution network; its ability to satisfy the mandated safety standards relating to e-scooters; its ability to secure supply of components and raw materials used in e-scooters; its ability to manufacture, launch and sell smart e-scooters meeting customer expectations; its ability to grow collaboration with operation partners; its ability to control costs associated with its operations; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in NIU’s filings with the Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and NIU does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact:

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Niu Technologies

E-mail: ir@niu.com

NIUTECHNOLOGIES

UNAUDITEDCONDENSED CONSOLIDATED BALANCE SHEETS

	As of
	December 31,			March 31,			March 31,
	2021			2022			2022
	RMB			RMB			US
ASSETS
Current assets
Cash		208,373,759			112,772,965
Term deposits-current		95,635,500			174,575,500
Restricted cash		223,971,197			222,547,853
Short-term investments		773,678,455			550,504,866
Notes receivable		-			480,000
Accounts receivable, net		268,557,176			171,925,483
Inventories		269,637,042			345,883,765
Prepayments<br> and other current assets		56,061,263			103,305,366
Total current<br> assets		1,895,914,392			1,681,995,798
Non-current assets
Term deposits-non-current		35,939,250			51,741,000
Property, plant and equipment, net		397,215,911			413,418,358
Intangible assets, net		3,668,189			3,197,885
Operating lease right-of-use assets,<br> net		94,201,263			92,617,121
Deferred income tax assets		11,907,344			12,542,331
Other non-current<br> assets		2,367,064			4,024,423
Total non-current<br> assets		545,299,021			577,541,118
Total<br> assets		2,441,213,413			2,259,536,916
LIABILITIES
Current liabilities
Short-term bank borrowings		180,000,000			180,000,000
Notes payable		143,622,874			158,989,430
Accounts payable		538,930,163			349,703,259
Income taxes payable		17,601,525			16,294,581
Advances from customers		17,266,994			80,880,798
Deferred revenue-current		32,757,740			33,516,338
Accrued expenses<br> and other current liabilities		198,904,558			150,643,299
Total current<br> liabilities		1,129,083,854			970,027,705
Deferred revenue-non-current		10,693,692			10,657,593
Deferred income tax liabilities		1,992,388			2,361,460
Operating lease liabilities-non-current		13,921,859			12,821,241
Other non-current<br> liabilities		20,967,430			17,597,175
Total non-current<br> liabilities		47,575,369			43,437,469
Total<br> liabilities		1,176,659,223			1,013,465,174
SHAREHOLDERS’ EQUITY:
Class A ordinary shares		89,038			89,144
Class B ordinary shares		10,316			10,316
Additional paid-in capital		1,855,403,759			1,870,571,828
Accumulated other comprehensive loss		(51,121,030	)		(55,195,408	)		)
Accumulated deficit		(539,827,893	)		(569,404,138	)		)
Total shareholders’<br> equity		1,264,554,190			1,246,071,742
Total liabilities<br> and shareholders’ equity		2,441,213,413			2,259,536,916

All values are in US Dollars.

NIUTECHNOLOGIES

UNAUDITEDCONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

	Three<br> Months Ended March 31,
	2021			2022
	RMB			RMB			US
Revenues		547,336,565			575,477,902
Cost<br> of revenues^(a)^		(417,002,269	)		(465,793,568	)		)
Gross profit		130,334,296			109,684,334
Operating expenses:
Selling<br> and marketing expenses^(a)^		(73,518,484	)		(70,047,236	)		)
Research<br> and development expenses^(a)^		(25,609,234	)		(41,848,584	)		)
General<br> and administrative expenses^(a)^		(31,313,799	)		(31,060,435	)		)
Total operating expenses		(130,441,517	)		(142,956,255	)		)
Government grants		352,342			268,370
Operating income (loss)		245,121			(33,003,551	)		)
Interest expense		(1,732,700	)		(1,454,464	)		)
Interest income		1,216,578			1,183,923
Investment income		4,128,940			5,046,892
Income (loss) before income taxes		3,857,939			(28,227,200	)		)
Income tax expense		(9,231,506	)		(1,349,045	)		)
Net loss		(5,373,567	)		(29,576,245	)		)
Other comprehensive loss
Foreign currency translation adjustment		2,903,736			(1,694,186	)		)
Unrealized gain/(reclassification<br> adjustment for gains) on available for sale securities, net		200,180			(2,380,192	)		)
Comprehensive<br> loss		(2,269,651	)		(33,650,623	)		)
Net loss per ordinary share		****			****
—Basic		(0.04	)		(0.19	)		)
—Diluted		(0.04	)		(0.19	)		)
Net loss per ADS		****			****
—Basic		(0.07	)		(0.38	)		)
—Diluted		(0.07	)		(0.38	)		)
Weighted average number of ordinary<br> shares and ordinary shares equivalents outstanding used in computing net loss per ordinary share
—Basic		152,645,455			154,549,415
—Diluted		152,645,455			154,549,415
Weighted average number of ADS<br> outstanding used in computing net loss per ADS					****
—Basic		76,322,728			77,274,708
—Diluted		76,322,728			77,274,708
Note:		****			****
(a) Includes share-based compensation<br> expense as follows:		****			****

All values are in US Dollars.

	Three<br> Months Ended March 31,
	2021		2022
	RMB		RMB		US
Cost of revenues		183,337		285,977
Selling and marketing expenses		3,031,862		3,917,456
Research and development expenses		4,001,487		4,917,894
General and administrative<br> expenses		4,837,552		4,122,290
Total share-based compensation<br> expense		12,054,238		13,243,617

All values are in US Dollars.

NIUTECHNOLOGIES

RECONCILIATIONOF GAAP AND NON-GAAP RESULTS

	Three<br> Months Ended March 31,
	2021			2022
	RMB			RMB			US
Net loss		(5,373,567	)		(29,576,245	)		)
Add:
Share-based<br> compensation expense		12,054,238			13,243,617
Adjusted net income (loss)		6,680,671			(16,332,628	)		)

All values are in US Dollars.